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200403825 CENTRAL COMMUNITY COLLEGE FACILITIES CORPORATION A Nebraska Not - For - Profit Corporation BUILDING AND EQUIPMENT BOND (GRAND ISLAND DISTANCE LEARNING PROJECT) SERIES 2004 No. $ Interest Rate Maturity Date Date of Original Issue CUSIP No. % March 1, April 2004 Registered Owner: Principal Amount: Central Community College Facilities Corporation, a not - for - profit corporation organized and existing under the laws of the State of Nebraska, hereby acknowledges itself to owe and for value received promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above in lawful money of the United States of America on the date of maturity specified above with interest thereon to maturity (or earlier redemption) from the date of original issue or most recent Interest Payment Date, whichever is later, at the rate per annum specified above, payable on March 1, 2005 and semiannually thereafter on September 1 and March 1 of each year (each of said dates an "Interest Payment Date "). Said interest shall be computed on the basis of a 360 -day year consisting of twelve 30 -day months. The principal hereof is payable upon presentation and surrender of this bond at the designated corporate trust office of Wells Fargo Bank, National Association, as Trustee, in Lincoln, Nebraska. Interest on this bond will be paid on each Interest Payment Date by a check or draft mailed by the Trustee to the registered owner of this bond, as sho«n on the books of record maintained by the Trustee, at the close of business on the fifteenth day of the month immediately preceding the month in which the Interest Payment Date occurs, to such owner's address as shown on such books and records. Any interest not so timely paid shall cease to be payable to the person entitled thereto as of the record date such interest was payable, and shall be payable to the person who is registered owner of this bond (or of one or more predecessor bonds hereto) on such special record date for payment of such defaulted interest as shall be fixed by the Trustee whenever monies for such purpose become available. This bond is one of a series of fully registered bonds of the total principal amount of $880,000 of even date and like tenor except as to denomination, date of maturity and rate of interest issued for the purpose of paying the costs of constructing and acquiring improvements and equipment (the "Project") for an existing building owned and used by Central Community College Area (the "College "), in the State of Nebraska, which Project has been fumished to said College under a Contract for Purchase, dated as of April 1, 2004 (the "Contract "). The bonds are to be paid out of fixed payments by said College pursuant to the Contract, which payments have been assigned to the Trustee, under a Trust Indenture and Security Agreement (the "Indenture "), dated as of April 1, 2004 under which this bond is issued, the provisions of which Indenture govern the rights of the holders of the bonds of this issue. Said payments are sufficient in amount to pay principal and interest on the bonds of this issue. The Contract provides, among other things, that the payments from the College shall be net to the Corporation, that the College shall maintain the Project and that loss or damage thereto shall not reduce the amounts payable by the College. 7